English हिन्दी
Connect with us

India News

Withdrawal of Rs 2,000 notes statutory exercise not demonetisation: RBI tells Delhi HC

Published

on

The withdrawal of Rs 2,000 banknotes is a statutory exercise, not demonetisation, the Reserve Bank of India (RBI) told the Delhi High Court on Tuesday.

The high court was hearing a petition challenging the decision by the RBI and SBI that enables the exchange of Rs 2,000 notes without the requirement of an identity proof. The plea filed by Advocate Ashwini Kumar Upadhyay said the decision was arbitrary and against the laws enacted to curb corruption.

Responding to the plea, the RBI said the decision to enable the exchange of Rs 2,000 notes was taken for operational convenience as the withdrawal is not demonetisation but merely a “statutory exercise.”

In his plea, advocate Upadhyay said he wasn’t challenging the decision withdraw the Rs 2000 notes but the decision to exchange the said denomination without requiring any slip or identity proof. The petition argued that the exchange of currency should only be allowed through bank accounts linked with Aadhaar.

It claimed that the current arrangement would only enable mafia and gangsters like “Atiq Ahmed’s henchmen” and Maoists while arguing that today almost every poor person has a Jan Dhan account and BPL persons are also connected to bank accounts.

A Delhi HC bench of Chief Justice Satish Chandra Sharma and Justice Subramanium Prasad said an appropriate order will be passed on the plea.

Advocate Upadhyay claimed in his public interest litigation (PIL) that the notifications by the RBI and the State Bank of India (SBI) that enable the exchange of Rs 2000 notes without requiring a requisition slip and identity proof were arbitrary, irrational and offend Articles 14 of the Indian Constitution.

The PIL claimed that cash transaction in in high value currency is the main source of corruption and used for illegal activities like terrorism, naxalism, separatism, radicalism, gambling, smuggling, money laundering, kidnapping, extortion, bribing and dowry, etc. and a large amount of the currency has reached either in individual’s locker or has “been hoarded by the separatists, terrorists, Maoists, drug smugglers, mining mafias & corrupt people”.

RBI counsel, Senior advocate Parag P Tripathi argued that the emphasised that the court cannot interfere in such matters and the decision was taken to allow exchange of the Rs 2000 currency note for “operational convenience” as the said banknote is not commonly used and other denominations continue to meet currency requirements.

Advocate Tripathi said that no points mentioned by the petitioner impinge or deal with constitutional issues and as such the court cannot interfere.

On May 19, the RBI had announced withdrawal of Rs 2,000 currency notes from circulation, and said existing notes in circulation can either be deposited in bank accounts or exchanged by September 30.

However, the 2,000 notes will continue to be legal tender, it had said, adding that the notes can be exchanged for other denominations from any bank starting May 23, albeit with a limit of Rs. 20,000 per transaction.

Both the RBI and the SBI issued notifications stating that no requisition slip or identity proof is required for exchanging the Rs 2,000 notes.

India News

PM Modi takes aim at critics with Dimagi Naxal remark at SRCC centenary address

PM Modi revived his dimagi Naxal remark at SRCC’s centenary celebrations and spoke about India’s development journey.

Published

on

PM Modi

Prime Minister Narendra Modi revived his ‘dimagi Naxal’ remark while addressing the centenary celebrations of Shri Ram College of Commerce (SRCC) in Delhi on Saturday, using the term to criticise his opponents.

Speaking to students at the Delhi college, PM Modi described the phrase as a “homeopathic pill” and said it had prompted those he described as “dimagi Naxals” to come forward and reveal their views.

The prime minister also used his address to speak to Gen-Z about India’s development journey and asked students to consider the challenges the country had faced in the past.

PM Modi recalls past crises

During his speech, PM Modi referred to the 2013 Kedarnath disaster and the 2008 global financial crisis while criticising the handling of national emergencies by previous governments.

He said the government at the time of the Kedarnath disaster was shaken and questioned its ability to respond to the crisis.

Referring to the 2008 banking crisis, PM Modi alleged that the government of the time failed to effectively deal with the situation and claimed that India’s banking system was pushed close to collapse.

Prime minister lists challenges faced by his government

PM Modi also highlighted several major global crises that occurred during his government’s tenure.

He mentioned the COVID-19 pandemic, the Russia-Ukraine war, disruptions to global trade and supply chains, and the crisis in West Asia.

The prime minister said there had been concerns that India would struggle during these crises but argued that the country had continued to move forward.

PM Modi’s earlier SRCC visit

PM Modi had earlier visited SRCC in 2013, when he was the chief minister of Gujarat. His speech at the college received significant attention, particularly on social media, ahead of the 2014 Lok Sabha election.

His latest visit came during the college’s centenary celebrations, where his address focused on young people, India’s development ambitions and the challenges faced by the country.

Continue Reading

India News

India Metro Rail Network May Overtake US in 2 Years

India’s metro rail network has reached 1,170 km across 26 cities. Union minister Manohar Lal said the country could overtake the US in network length within two years.

Published

on

Manohar Lal Khattar

India is on track to become the country with the second-largest metro rail network in the world after China, with Union Minister Manohar Lal saying the country could overtake the United States within the next two years.

India’s metro rail network has now expanded to 1,170 km across 26 cities. The network is only 216 km shorter than the US metro rail network, which stands at 1,386 km, according to figures cited by the minister.

India’s metro network expands rapidly

Speaking after the inauguration of an extended metro service in Indore, Manohar Lal highlighted the pace at which metro connectivity has grown in India.

He said metro services were operational across just 245 km in five cities when Prime Minister Narendra Modi assumed office in 2014. The network has since expanded to 1,170 km across 26 cities.

The minister said India could overtake the US in terms of metro rail network length in the next two years and become the world’s second-largest country in this segment after China.

China currently has around 8,000 km of metro rail lines, according to the figures cited by the minister.

Indore metro extension inaugurated

The minister made the remarks after inaugurating an extended section of the Indore metro. The project was built at a cost of around Rs 2,850 crore.

The Indore metro was earlier operating commercially on a six-km stretch between Gandhi Nagar and Super Corridor-3 stations. Following the extension, the service will operate on a 17-km route between Gandhi Nagar and Malviya Nagar Chauraha.

Madhya Pradesh Chief Minister Mohan Yadav said the metro service would mark a new phase in Indore’s development. He also said the network would eventually be extended to Ujjain and other nearby areas.

India’s metro rail network: Key figures

  • India currently has 1,170 km of operational metro rail network.
  • Metro services are operational across 26 cities.
  • The US has around 1,386 km of metro rail network.
  • India is currently 216 km behind the US.
  • China has around 8,000 km of metro rail lines.
  • India’s operational network stood at 245 km across five cities in 2014.

Continue Reading

India News

PM Modi returns to SRCC after 13 years, revisits 2013 glass full speech

PM Narendra Modi returned to SRCC after 13 years for its centenary celebrations, revisiting themes from his landmark 2013 address.

Published

on

PM Narendra Modi

Prime Minister Narendra Modi returned to Delhi University’s Shri Ram College of Commerce (SRCC) on Saturday, 13 years after his previous visit to the institution as Gujarat chief minister. 

His latest visit came as SRCC marked its centenary celebrations. Modi’s 2013 address at the college had attracted significant attention as he spoke about India’s youth, governance and the country’s demographic potential.

In 2013, Modi was Gujarat chief minister and had not yet been named the BJP’s prime ministerial candidate. He returned to the same campus this year as Prime Minister, having completed 12 years as Prime Minister and serving his third consecutive term. 

What PM Modi said at SRCC in 2013

The 2013 lecture was titled Emerging Business Models in the Global Scenario. The address also covered governance and India’s young population.

He described India’s youth as a source of national strength rather than simply a group of new-age voters. He also highlighted India’s demographic advantage and argued that the country needed to make better use of its young population.

One of the notable moments from the speech involved a glass of water.  Modi contrasted the conventional descriptions of a glass as half full or half empty and said he viewed it as full, with half containing water and the other half air.

The speech also included his remarks on technology and young Indians. Referring to an anecdote from a visit to Taiwan, Modi used the phrase “mouse-charmers” to describe Indians using computers and suggested that young Indians had the ability to influence the world through technology.

‘Minimum government, maximum governance’

Modi’s 2013 address also touched on governance. He spoke about the role of government and the need for better governance.

He also spoke about India’s potential in the 21st century. 

Modi returns as PM for SRCC centenary

The September 5 visit coincided with Teachers’ Day and SRCC’s 100th anniversary. The Prime Minister’s Office had announced that Modi would participate in the college’s centenary celebrations and address the gathering. SRCC was established in 1926 by industrialist and philanthropist Sir Shri Ram.

Earlier this year, Modi also met the SRCC governing body at his residence in April in connection with the college’s centenary celebrations and released a commemorative postage stamp marking the occasion. 

The return to SRCC came 13 years after his 2013 appearance at the college, when he addressed students as Gujarat chief minister.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com